Location: Watertown-Fort Drum, NY | Metro: Watertown-Fort Drum, NY MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,270 | $163,262 | 0.78% | D |
| 3BR | $1,720 | $201,511 | 0.85% | C |
| 4BR | $2,110 | $247,215 | 0.85% | C |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 13673, located in Philadelphia, NY, within Jefferson County, can be quite different from the broader local market. For fiscal year 2024, the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $1210. This SAFMR figure represents the maximum amount that the Housing Choice Voucher program will pay for a two-bedroom rental unit in ZIP 13673.
Comparatively, the local market rent for a similar two-bedroom unit is reported to be $1,064 according to the latest Census ACS (American Community Survey) data. This difference highlights the potential advantage of accepting Section 8 vouchers, as landlords can receive higher rents than the current market average.
A voucher payment typically consists of two parts: the subsidy from the government and the tenant's contribution towards rent. The tenant is required to pay 30% of their adjusted income towards rent. In addition, there are utility allowances that vary based on the size of the unit and the region. For ZIP 13673, these allowances can significantly impact the total reimbursement a landlord receives.
To illustrate, let’s assume a tenant’s adjusted income is $1,000 per month. The tenant would contribute $300 (30%) toward the rent. With the SAFMR for a two-bedroom unit being $1210, the government would cover the remaining $910. However, this amount can increase slightly if utility allowances are applied, depending on the specifics of the tenant's situation and the regional standards.
The typical reimbursement gap or surplus in ZIP 13673 for a two-bedroom apartment is a surplus of approximately $146 when comparing the SAFMR to the local market rent. This surplus indicates that landlords can expect to receive more from the Section 8 program than they would from renting the property at market rates without a voucher.
Landlords should note that while the SAFMR provides a higher reimbursement rate, it also comes with certain requirements and inspections that must be met. These include maintaining the property to a certain standard and undergoing regular inspections to ensure compliance with housing quality standards.
In summary, the economics of Section 8 in ZIP 13673 offer a clear financial benefit to landlords, with a reimbursement rate above the local market rent. This can make it an attractive option for small-portfolio investors looking to maximize their returns while providing affordable housing options.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.